Hurdle Cleared

An underused waterfront industrial district in Stamford, Conn. will soon be transformed into an 80-acre, mixed-use project. In November, the Stamford planning board passed amendments allowing the site's developer, Conn.-based Antares Investment Partners, to combine 4,000 residential units, 400,000 square feet of street level retail, 400,000 square feet of office space and two hotels on the property, known as Harbor Point.

Antares will also throw in a waterfront promenade and several neighborhood parks. The area previously housed a Pitney Bowes manufacturing facility, Northeast Utilities and Brewers Yacht Haven. “I think that if the zoning process goes in an organized way, we should be able to start construction in mid-2007 and be done in about 10 years,” says Antares COO Bruce Macleod.

Antares plans to spend approximately $2 billion on the project. The company purchased the site in 2005, in three separate transactions, for a total of $170 million. The development is expected to generate $20 million in annual tax revenues.